New Tax Regime:
The Indian Union Budget 2020 introduced a new personal income tax regime for individual taxpayers. However, the option for this concessional tax regime came with a cost; it required the taxpayer to forego certain specified deductions. These include standard deduction of Rs 50,000, deduction under section 80C of Rs 1.50 lakh and interest on self-occupied property of Rs 2 lakh, deductions which are availed by most taxpayers. As a result, the concessional tax regime may not always be beneficial.
The new income tax regime provides for concessional tax rates vis-à-vis tax rates in the existing or old tax regime. Further, as most of the exemptions and deductions are not available, the documentation required is lesser which makes filing of ITR easier.
- Income tax related changes in existing Payroll system as per new rules laid by Govt. of India for FY 20-21.
- New selection option to be provided to employee for selecting from New Tax Regime and Old Tax Regime.
- Client is in 9.1 hence no scope of Oracle related tax/Payroll related patches. New Payroll related reports
Deployed a team of skilled certified consultants for Requirement gathering and Analysis. After proper analysis Team came up with a flawless Bolt-on concept to address the new Income Tax related changes. ESS tax selection page and Admin page to choose the income tax type on behalf of Employee. Integration with Delivered Payroll Suite.
SOAIS’ solutions ensured issueless transition of the new Bolt-on in parallel with the old payroll engine.Experienced SOAIS consultants ensured roll-outs of the new feature without slippage of Deadlines. Customer is seamlessly using the new feature and able to download crucial/sensitive payroll related reports.Uninterrupted Payroll processing.
The full activity was highly appraised by Director, Finance Department and ERP core committee.